Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,111/mo
Lowest payment- Down payment
- $326,598
- Funds due
- $340,396
- Interest + MI left
- $95,523
- First ends
- Dec 2045
Assumption
Assumption + second
$4,052/mo
+$1,941/mo- Down payment
- $55,598
- Funds due
- $70,761
- Interest + MI left
- $523,455
- First ends
- Dec 2045
New loan
New conventional
$4,254/mo
+$2,143/mo- Down payment
- $55,598
- Funds due
- $67,059
- Interest + MI left
- $757,377
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,402 | $228,402 | $499,402 |
| Second mortgage | — | $271,000 | — |
| First P&I | $1,414.52 | $1,414.52 | $3,457.76 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | — | — | $99.88 |
| Taxes, insurance & HOA | $696.41 | $696.41 | $696.41 |
| Total housing payment | $2,110.93 | $4,052.41 | $4,254.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,598
Closing costs & prepaids$15,163
Usable credit−$0
Total buyer cash needed$70,761
Earnest money paid−$0
Remaining funds due$70,761
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,142.01
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,324.25
Initial HOA (3 months)$264.99
Prepaid interest, first (2 days)$48.68
Prepaid interest, second (2 days)$115.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing19 yr 1 moOf the original 30-year loan at 3.890%
Interest already paid$113,442Through Nov 2026
Assumption only · ends Dec 2045$95,523
Assumption + second · ends Dec 2045, second Dec 2056$523,455
New conventional · ends Dec 2056$757,377